Client agreement Terms and Conditions

Transcription

1 Client agreement Terms and Conditions This agreement (hereinafter referred to as Agreement) establishes and regulates all relationships between Maxiflex Global Investments Corp Limited (hereinafter referred to as Company) and each its client who has completed an application and opens a personal or trading account (hereinafter referred to as Client). By signing this Agreement the Client confirms its consent to all provisions of this Agreement. Please note that this Agreement constitute a legally binding agreement between the Client and the Company. If any Client does not agree to be bound by the terms and conditions of this Agreement, then such Client should not use or access the Company s services and inform the Company in writing immediately. In addition to this Agreement, please review the Company's Privacy Policy, Conflict of Interest Policy, Execution Policy, Client Classification Policy, Investor Compensation Fund Policy as well as other rules and policies relating to the Services (collectively referred to as Operative Documents), available on the Site, which are duly incorporated herein by reference, together with such other policies of which the Client may be notified of by the Company from time to time. 1. Introduction 1.1. Maxiflex Investments Corp Limited, which is registered in Cyprus is authorised and supervised by the Cyprus Securities and Exchange Commission (CySEC) under the Provision of Investment Services Law of 2007, Law 144(I)/2007, as subsequently amended from time to time (the Law) and entered on the CySEC s Register of Cyprus Investments

2 Firms (CIF), with CIF Number 258/14. It is registered in Cyprus, with Company Registration Number HE Its registered office is 46 Ayiou Athanasiou Ave., First Floor, Office 102, 4102 Ayios Athanasios, Limassol, Cyprus, the Company provides forex and CFD trading service through its website Europefx.com under the terms and conditions that are provided in this Agreement. The Company provides its service through Trading platform electronic system for Forex and CFD trading on financial market Agreement covers all partnerships between the Company and its clients that have been registered on europefx.com. The Company provides its services only to person that reached legal age The Company has right to change or amend the Agreement and any other Regulatory Documents, in its sole discretion, from time to time. The Client will be noticed in advance about all changes in this Agreement. Any such amendments will become effective on the date specified in the notice and will also apply to positions opened and to Orders placed prior to such date but shall in any event become effective 5 days following the notification has been published. If the Client still uses services of the Company after this term, then it shall be deemed that the Client expressly consents to the changes made. For the avoidance of doubt it is advised that Client regularly checks this Agreement to find any changes and to monitor news on the europefx.com. 2. Agreement on online service usage 2.1. This Agreement covers website europefx.com and all resources and information that are published on the Company s website. The Client should familiarize himself or herself with all information that is available on the europefx.com.

3 2.2. The Client agrees with the fact that Company s services should be used by persons with specific knowledge and experience in field of financial markets, who are able while making deals to estimate risk and profit levels without relaying on data provided on europefx.com The Client should take into account the fact that Forex and CFD trading might be considered illegal in some countries. The Company does not give any legal advice on the matter of legality of its services using within country of Client residence. The Company may refuse to provide services to the Client from countries where the Company s services are illegal. However, its website europefx.com will be still available. In this context it will be stressed, that if the Client resides or is present in any jurisdiction that prohibits using the services offered at the Site, the Client shall not participate in the prohibited activity 3. Terms and definitions Account trading account that is opened in Company with unique number and is used only by the Client for the purposes of accessing the Services provided by the Company. Login credentials (personal data) data that is used by Client to access (member area on europefx.com, trading account, username and password given by the company to the client for accessing the Company s electronic systems). Agreement terms and conditions under which Company provides its services to Client, including where applicable the Operative Documents. Applicable Regulations shall mean: a. CySEC Rules or any other rules of a relevant regulatory authority having powers over the Company;

4 b. the Rules of the relevant Underlying Market; c. the Investment Services and Activities and Regulated Markets Law of 2007, as amended; and d. all other applicable laws, rules and regulations of Cyprus or of the European Union from time to time. Balance all money that is held on the Client's trading account as a result of the total financial outcome in the Client s trading account after the last completed transaction and depositing/withdrawal operation at any period of time. Base currency the currency that is the first in currency pair name against which the Client buys or sells the quote currency. Business Day shall mean any day, other than a Saturday or a Sunday, or the 25th of December, or the 1st of January or any other Cyprus or international holidays to be announced on the Company s Site. Company website website europefx.com. CySEC Rules shall mean the Directives, Circulars, Decisions, Guidelines, Rules, Regulations and notes of CySEC. Trading times timeframe when the Company s clients are able to use Company s terminal for trading on financial market. Trading times may be changed by the Company and the Client will be informed in advance about such changes. Service it is a service that the Company provides to the Client under the terms and conditions that are defined in present Agreement. Transaction deal that the Client made from his trading account. It should be understood that deal is any type of action with funds, such as position open and close, money deposit and withdrawal, etc.

5 4. Required details to open trading account 4.1. To open the trading account the Client needs to provide following details to prove his/her identity: You agree to provide personal details that are reliable and accurate at the moment of registration. - Client Identification Procedure: (a) You will be required to send us the following identification documents: - Proof of ID: A clear copy of your driver's license, national ID card or your international passport. - Proof of Address: A clear copy of a recent utility bill, bank statement or any other local authority bill. Your proof of address must include your full name and address, and have been issued within the last 6 months. (b) In circumstances where we, in our sole and absolute exclusive discretion, deem that circumstances so warrant it and provided the minimum regulatory requirements are met, you have completed the on-boarding questionnaire or process and the new Client s cumulative total value of Deposit(s) do not exceed the amount of 2000 EUR irrespective of the number of accounts the client holds with the Company, then we may provisionally permit you to trade on the understanding that: (i) the verification procedure will be completed within 15 calendar days of the initial contact, (i.e. acceptance of the Terms & Conditions and/or Client Agreement or your first deposit, which comes first), should the 15th day fall on a day which is not a business day in Cyprus or where the Company considers this day not to a be a business day of the Company, including but not limited to, weekends or local public holiday, then the Company

6 will, in its sole and absolute discretion, consider the last business day preceding the expiry of the 15th day as the last day by when all the customer s account details and documents had to be verified. (ii) If the verification of your identification documents are not approved within 15 days from the initial contact referred to above, we will, without any claim or liability for any damages or otherwise, close your account and you will no longer be able to trade or deposit. (iii) If we are not able to complete the verification with the required information within 5 and/or10 days of the initial contact, the client support personnel may contact you so as to complete the verification procedure in an effort to meet the 15-day deadline. (iv) If the verification procedure is not completed, then any open or pending positions will be closed at the current rate at 23:50 GMT on the fifteenth (15th) day of the initial contact. (v) Any credits and/or bonuses, if any, will be removed from your trading account (vi) Any profits will be sent to you via bank transfer and we will require the above documents to complete the transaction (please refer to clause 4.1. above) (vii) Any losses will be deducted from the return funds (deposits) (viii) Consent - By accepting these Terms and Conditions you give your explicit consent to each and every aspect of this procedure Login and password, which you will use to get access to member area on EuropeFx.com, should not be disclosed and should be kept in safe place for the sake of security. In case you suspect that your personal details might be compromised then you should contact the Company s support department on the EuropeFx.com as soon as possible and change your password. In case you would like to register as a Corporate Client then you have to confirm that you accept all terms of present Agreement on behalf from your whole organisation. From

7 another side our Company is obliged to comply with confidentiality policy regarding all data that you submit. You agree that you are responsible for usage of all trading strategies, trades and analytical reports and the Company is not responsible for any of your actions. You agree to provide to the Company your personal details (name, address of residence, date of birth, etc.) for the purpose of opening trading account, and you agree as well to provide further details, which might be needed. These details are used for verification in order to secure our client financial transactions. You are the owner of a valid payment method (or authorized to use a valid payment method by the owner of that valid payment method). You agree to use the Company services exclusively on your own name and confirm that your actions do not have fraudulent intent. You confirm that you are using the Company services by your own free will. You agree that data of your interaction with the Company will be saved and may be used in case of dispute situation between you and the Company or authorities. You give your consent for your data usage in order to optimise your interactions with the Company (to inform you about new promotions or offers, or about important changes in the Company s practise) You will be aware that the Company may refuse to provide you one or another service in case it deals with the interests of Company. 4.3 You shall always collaborate with the Company in order to ensure that the Company at all times adheres to Applicable Regulation.

8 4.4 The Company, in its sole and absolute discretion and without giving any reason therefore, retains the right to decline any account opening application so as to be in accordance with applicable laws and restrictions. 5. Client's responsibilities 5.1. The Client confirms that funds, which are used for trading through the Company s services, belong to the Client, are free from taxation, and are not credit or fraudulent funds The Client obliges to act in his or her name and should not represent interests of any other third party. The only exception is the case when there are proper documents that entitle to act on behalf of other person and those documents have to meet the Company s requirements The Client understands that the Company may return all funds to legitimate owner if there will be any incontrovertible evidences that those funds, which are used for trading, belong to third party or obtained by criminal means. More than that, the Company has the right to cancel the Client s transactions and terminate this Agreement. All legal measures can be taken in order to compensate for the Company losses if there are facts of the Client fraudulent activity The Client confirms that by the moment of signing this Agreement he or she has reached legal age and is legally capable to act The Client agrees that any deals, which he or she made via the Company s services, shall be carried out through the Company Trading platform The Client is responsible to provide to the Company genuine documents and keep them up to date. 6. Client Categorisation

9 6.1 According to Applicable Regulations, the Company will treat the Client as a Retail Client, Professional Client or Eligible Counterparty ( ECP ), depending on the information provided by the Client in his Application Form and according to the method of classification as this method is explained under the title Client Categorisation Policy. 6.2 By accepting this Agreement the Client accepts application of such method. The Company will inform the Client of his Categorisation. 6.3 The Client accepts that when classifying the Client and dealing with him, the Company will rely on the accuracy, completeness and correctness of the information provided by the Client in his Application Form and the Client has the responsibility to immediately notify the Company in writing if such information changes at any time thereafter. 6.4 The Company gives different levels of regulatory protection to each Client category and hence to Clients within each category. In particular, Retail Clients are afforded the most regulatory protection; Professional Clients and ECPs are considered to be more experienced, knowledgeable and sophisticated and able to assess their own risk and are thus afforded fewer regulatory protections. 6.5 The Client has the right to request a different Classification thus to increase or decrease the level of regulatory protections afforded. Where a Client requests a different classification (either on an overall level or on a product level), the Client needs to meet certain specified quantitative and qualitative criteria (for more details as to the procedure please refer to Client Classification Policy). However, if the above-mentioned criteria are not met, the Company reserves the right to choose whether to provide services under the requested classification. 6.6 It is understood that the Company has the right to review the Client s Categorisation and change his Categorisation if this is deemed necessary (subject to Applicable Regulations).

10 7. Suitability and Appropriateness Test 7.1 It is understood that when providing the Client with reception and transmission and execution Services, the Company is not required to assess the suitability of the Financial Instrument in which the Client wishes to transact, nor the service(s) provided or offered to him. As a result, the Client will not benefit from the protection of the Applicable Regulations as regards the assessment of suitability. 7.2 The Company is obliged under Applicable Regulations to obtain information about the Client s knowledge and experience in the investment field so that it can assess whether the service or product envisaged is appropriate for the Client. 7.3 If the Client elects not to provide such information to the Client, or if the Client provides insufficient information, the Company will not be able to determine whether the service or product envisaged is appropriate for the Client. The Company shall assume that information about his knowledge and experience provided from the Client to the Company is accurate and complete and the Company will have no responsibility to the Client if such information is incomplete or misleading or changes or becomes inaccurate and the Company will be deemed to have performed its obligations under Applicable Regulations, unless the Client has informed the Company of such changes. 8. Trading on financial markets 8.1. When the Client accepts this Agreement, he or she will be able to access the Company s trading system hence will be able to make a trade on financial instruments, which are provided by the Company The Client agrees that he or she will keep credential details in safe place that is not available for any third parties, and will not disclose them to anyone. The Client agrees not

11 to resist any actions that upgrade security of his or her data and procedure of the access to data The Client agrees to not use the Company s trading platform for any fraudulent activities, such as price manipulation or intentionally caused trading platform malfunctions in order to get profit The Client is responsible for keeping his or her credential data for Trading platform safe. In case of suspicion that your credential details might be used by third parties without your consent you have to immediately inform the Company and undertake all required measures to secure your details. The Company notifies that all trading orders and financial transactions that were initiate with your credential details will be considered as your orders and transactions that have been made by you The Client has to notify the Company about all occurrences of receiving wrong market data on Trading platform, failing to execute trading order or false order execution, which the Client did not make The Client gives his or her consent to use software that is required to install and correctly operate Trading platform The Company cannot be liable for any unauthorised access by third parties to the Client personal information or leakages during data transmissions towards the Company representatives through Internet The Company also cannot be liable for any electricity malfunctions, which may lead to inadequacy in Trading platform work and/or for any losses or damages that may arise as a result of technical failures which may result in any part of the trading cycle i.e. from the price feed to the execution and settlement of any trades.

12 8.9. The Company is not liable for damage that the Client suffers as result of incorrect market data transmissions, technical problems and other malfunctions, network overloads, computer viruses, etc. The Client should understand that in case of any technical failure he or she may have limited access to Trading platform. The Company may notify the Client in advance about necessity to temporarily suspend his or her access to Trading platform because of above-mentioned reasons The Company reserves the right to terminate Client access to the Trade platform in its sole discretion in cases that require this measure. Such cases include following: a) The Client violates conditions of the present Agreement and does not fulfil obligations; b) there is problem with Internet connection or electricity supply of the Trading platform; c) there is a need to protect the Client interests because of his or her personal details security threat The Company has the right to cancel transaction (trade) with Forex and CFD buying or selling if contract has been made on a price that does not reflect fair market price. In this case the Company informs the Client about mistake with trade price and cancels Client s trade. If it is necessary the Company may restrict volume of Client s trades or impose other restrictions. Profits for contract with incorrect price will be paid in accordance with current market quotes, which can be found on europefx.com and that will be correspondent with the bank-to-bank trade results. 9. Trading 9.1 Transaction execution The Client puts order with the price that he or she can see in Trading terminal and when trade is opened then execution starts. Price in Client s order may be different from

13 current market price because of high market volatility or delays that caused by failures in Internet connection between the Client and Company servers. The Client has to make trade in his or her own name or entitle somebody else to act on his or her behalf. The latter needs notarized power of attorney and other required documents The Company agrees that it will exercise best efforts for timely Client s order execution, although the Company cannot guarantee order execution in exact compliance with the Client presets. The Company will immediately notify Client if there is no possibility to execute order (because of market closure, asset illiquidity, etc.) Trading order can be put and executed/deleted only during Company s trading hours, however this order will remain valid during next trading hours timeframe The Company can change the list of assets that are available for the Client to open Forex and/or CFD trades. Let's say if one of major assets has high chances to fell down and the Company is aware of this fact, then the Company is entitled to withdraw asset from its Trading platform If it is necessary the Company may impose limitation on the number of opened positions by a Client or impose other limitations, for example: a) Limitation on maximum amount per one order. b) Control of the Trading platform in order to identify Client while he or she makes a trade If these limitations will be imposed, the Company will notify Client in advance about such changes The Client should understand that some financial market might impose own limitations on synthetic order type In case when the Client has any open positions on the ex-dividend day for major asset, the Company has the right to close such positions at the last price of the previous trading

14 day and open the equivalent volume of the underlying financial instrument at the first available price on the ex-dividend day. In this case, the Company will inform the Client about such adjustment and no Client consent will be required. 9.2 Transaction confirmations: Confirmations for all transactions that have been executed in the Client s trading account will be available via Client s online account through the Trading platform as soon as the transaction is executed. It is Client s responsibility within 2 Business Day to notify the Company if any confirmations are incorrect. The Client might request to receive the Account statement for month or quarter. The Company may provide but is not obliged to provide to the Client this data. It is the Client s responsibility to inform the Company of any change to his address (or any other relevant personal information), the non-receipt of a Confirmation, or whether any Confirmations are incorrect before settlement Authorisation of third person to give instructions on behalf of a Client The Client has the right to authorize a third person to give orders to the Company. In order to do so Client has to authorize the third person in accordance with legal procedure and provide notarized documents that prove third person authorization. In case if the Client would like to terminate third party authorization then the Client has to notify the Company of such decision in writing. 10. Pricing policy 10.1 The provision of Services is subject to the payment of costs, fees, commissions, daily funding, charges to the Company (the Costs ), which are set out in the Contract Specifications or on the Company Site. In addition to Costs, other commissions and charges

15 may be due by the Client directly to third parties. The Client shall be obliged to pay all such costs The Company may set prices on assets in following cases: a) The Company uses its right to close Client s transaction in favour of Client or Company. b) The Client Transaction closes automatically. It is the Client s responsibility to decide whether or not he/she wishes to deal at the price quoted by the Company Each price shall be effective and may be used in a dealing instruction prior to its expiration time. A price may not be used in a dealing instruction after such time. It does not require to notify the Client before price expiration time The Client acknowledges that these prices may differ from prices provided by other companies to its clients. Prices that provided by other companies and other third parties are not considered by Company and do not affect the trading activities of the Clients The Company has the right to stop providing prices for specific currency pairs and settlement dates at any moment without prior notice to the Client. When the Company quotes a price, market conditions may move before the time when Client s order will be executed. Such movement may be in Client s favour or against it When providing a Service to a Client, the Company may pay or receive fees, commissions or other non-monetary benefits from third parties or Introducers to the extent permissible under Applicable Regulations. To the extent required by Applicable Regulation, the Company will provide information on such benefits to the Client on request Details of any taxes which the Company is required to pay on the Client s behalf will be stated on Confirmations issued to the Client. The Client may also be liable for other taxes which are not collected by the Company and the Client should seek independent expert

16 advice if he is in any doubt as to whether he may incur any further tax liabilities. Tax laws are subject to change from time to time The Client shall be solely responsible for all filings, tax returns and reports on any Transactions which should be made to any relevant authority, whether governmental or otherwise, and for payment of all taxes (including but not limited to any transfer or value added taxes), arising out of or in connection with any Transaction The Client undertakes to pay all stamp duties and other expenses relating to this Agreement and any documentation which may be required for the currying out of the transactions under this Agreement The Company may vary its Costs from time to time. The Company will send a Written Notice to the Client informing of any changes, before they come into effect. The variation will take effect from the date which the Company specifies in its notification to the Client. The Company will endeavour to provide the Client with at least five Business Days notice of such alteration save where such alteration is based on a change in interest rates or tax treatment or it is otherwise impractical for the Company to do so. Any amount which is not paid in accordance with the above paragraphs or elsewhere in this Agreement on the due date therefore shall bear interest at the Applicable Rate plus 4% per annum, for each day for which such amount remains unpaid. 11. Refusal to execute Client order The Company has the right, at any time and without giving any notice, to refuse to execute any order in the following cases: a) If the Company has adequate reasons to suspect that the execution of an order is part of an attempt to manipulate the market, trading on inside information, relates to money

17 laundering activities. b) Trade can potentially affect the reliability or efficiency of the operation of the Trading Platform. c) The Client does not have enough money at his account to make transaction. The Client is not liable to the Company for any of these occurrences and does not complaint against the Company. 12. Cancellation of Client transactions Company has right to cancel Client s transaction in the following occurrences: a) The Company has adequate reasons to believe that Client involves fraudulent practise in his or her activity. b) Order was placed on price that doesn t match the market one and was displayed as a result of system errors or system malfunctions (either through the Company s or the Client s fault). c) The Transaction has been performed in violation to the provisions of this Agreement. d) The Client uses too often cancel trade feature. Maximum amount of trades cancellation are two cancelled per one made trade If the Client considers his or her position as unwilling one then there is the right to cancel trade within 3 seconds since position has been placed. 13. Client s transactions management Forex and CFD trade is completed when the financial contract has been opened and confirmed by the Client.

18 13.2. The Client agrees to be fully liable for the management of every transaction that was made under his or her account through Company s Trading terminal Statement of account can be provided by the Company to the Client once a year. Any confirmation of the account balance or completed transactions shall be final, unless the Client has any objection in relation to such account balance statement or completed transactions. Any objections should be communicated in writing and received by the Company within 5 working days from the moment of any Account statement or transactions receipt In the case when the Client can check an Account statement online on a continuous basis, then the Company will consider any objections of the Client to be valid only within 2 working days from the disputable transaction completion. 14. Client's funds usage Funds belonging to the Client that will be used for trading purposes will be kept in accounts that any banks and/or financial institution used to accept funds, which the Company will specify from time to time. Funds will be held in the Client s name and/or the Company s name. It is understood that the Company is not liable for inability to pay as well as omission to act from any third party, which are connected to this clause Client s funds that are deposited to his or her account will be held on the Company accounts or on accounts of Company s paying agents. Information about the Company paying agents can be found in Member area Upon signing the Agreement, the Client authorizes the Company to make any deposits and withdrawals from the Account on his or her behalf in order to settle trades. The Company is entitled, without prior notice to the Client, to effect any currency conversions which it

19 deems necessary or desirable in order to make a deposit into the Client Account in the Currency of the Client Account or comply with its obligations or exercise its rights under this Agreement or complete any specific Transaction or Order. Any such conversion shall be made by the Company at reasonable exchange rates as the company shall select, having regards to the prevailing rates. The Client will bear all foreign currency exchange risk arising from any Transaction or the exercise by the Company of its rights under the Agreement or any law The Company is liable to pay to the Client any amount that must be paid by transferring money to the Client's bank account or to account in any other payment system. Time-frames for request processing are stated on website europefx.com. The time needed for crediting into the Client s personal account depends on the Client s bank account provider The Client may withdraw from his or her account any available amount that is not involved in trades and not held to meet margin requirement without closing account When Client requests to withdraw money fully or in some part and does not meet provisions of this Agreement then the Company has right to refuse Client s request or extend the time for it processing Any fees that are charged by bank or payment system due to funds transferring from Client s trading account to his or her bank account or account in any other payment system will be paid by the Client. The Client is liable for correctness of provided payment details The Client agrees that funds will be credited to his or her account with fee deduction that have been paid to bank or any other payment system, which the Client uses Withdrawals of the funds should be made using only the same method that was used by the Client to fund his trading account. If the Client wants to use different payment method

20 then the Company reserves the right to decline a withdrawal with specific payment method and to suggest another payment method If the Client failed to provide full list of required documents that are needed to complete withdrawal, then the Company may request additional documents and in case of failure to submit it the Company has the right to refuse further processing of the request and to credit funds back to trading account In accordance with international rules that should prevent money laundering the Client is required to provide all necessary information about himself or herself in billing document The Company will not credit money to Client s account from third party unless the Client provides written consent to do so The Company may refuse to accept Client s funds in following cases: a) Transfer has been done by third party without proper documents, which confirm the Client s approval to do so. b) The Company has the reasons to be suspicious that the Client might be not fully authorized to transfer money. c) Money transfer violates the law of the country, where the Company has been registered. In all these occurrences the Company will send these funds back to the Client through the original payment method, which the Client chose. Fee for money transfer will be paid by the Client. When there is need to make such transfer the Company is required to notify the Client in the shortest possible time as well as to notify about all fees and expenses, which the Client have to pay.

21 The Client is also obliged to read and fully understand additional information regarding each funds deposit/withdrawal method. 15. Company s liability to Client The Company will perform the Client s transactions in good faith and with proper due diligence but shall not be held liable for any Client omission or fraud. The Company is not liable for any losses that have caused by the Client s trading activity In case when the Company incurs losses and damages that arise from the Client s actions, then the Client is liable to refund all losses and to cover Company s expenses The Company is not liable for the Client's funds losses that arise from the Client s trading activities that were based on fail market data, unless the Client notify the Company about this fact Company as well cannot be liable for: a) The Company s system errors; b) Quotes delays; c) Internet viruses; d) Illegal Trading terminal usage; e) Actions of the clearing institutions or others that regulate financial markets. f) Transactions made via the Client Terminal; g) any failure by the Company to perform any of its obligations under the Agreement as a result of Force Majeure Event or any other cause beyond its control; h) the acts, omissions or negligence of any third party; i) any person obtaining the Client s Access Data that the Company has issued to the Client prior to the Client s reporting to the Company of the misuse of his Access Data;

22 j) all Orders given through and under the Client s Access Data; k) unauthorized third persons having access to information, including electronic addresses, electronic communication, personal data and Access Data when the above are transmitted between the Parties or any other party, using the internet or other network communication facilities, post, telephone, or any other electronic means; l) a delay transmitting any Order for Execution; m) currency risk; n) slippage; o) any of the risks relating to Forex and CFD trading materialises; p) any changes in the rates of tax; q) any actions or representations of the Introducer; r) the Client relying on Trailing Stop and/or Expert Adviser; The Company is not liable for failing to fulfil its obligations towards the Client if it has been caused by reasons beyond its control (hardware failure, quotes failure or delay, force majeure, etc.) The Company is not liable for closing a trade (it is the Client responsibility) The Company as well as any of its representatives is not liable for the Client losses that arise from negligent or violation of provisions of this Agreement The Client confirms that he or she accepts this Agreement of his or her own free will. The Company cannot be liable for any situations that are not described in this Agreement and it cannot be considered as fraud from the Company side. If the Company incurs any claims, damage, liability, costs or expenses, which may arise in relation to the execution or as a result of the execution of the Agreement and/or in relation to the provision of the Services and/or in relation to any Order it is understood that the

23 Company bears no responsibility whatsoever and it is the Client s responsibility to indemnify the Company for such. The Company shall in no circumstances be liable to the Client for any consequential, special or indirect losses, damages, loss of profits, loss of opportunity (including in relation to subsequent market movements), costs or expenses the Client may suffer in relation to the Agreement. The site, services, site's content and the software used in connection therewith are provided "as is", and we make no warranty or representation, whether express or implied (whether by law, statute, or otherwise), including but not limited to implied warranties and conditions of merchantability, satisfactory quality, fitness for a particular purpose, completeness or accuracy, non-infringement of third parties' rights or of applicable laws and regulation in respect of the site, services, site's content and the software used in connection therewith, or that the site, services, site's content and the software used in connection therewith will be uninterrupted, timely, secure or error-free, or that defects will be corrected, or will be free of viruses or bugs or as to results or the accuracy of any information through the site or services. You acknowledge that the platform may not work error free. There is no warranty that the functions contained in the platform will meet your requirements or that the operation of the platform will be uninterrupted or error free. Also, there is no warranty or condition of title, quiet enjoyment, quiet possession, and correspondence to description or non-infringement, with regard to the platform. The entire risk, if any, as to the quality of or arising out of use or performance of the platform or the use of the internet generally remains solely with you.

24 The platform and the use of the platform through an internet connection are provided on an "as is" and "as available" basis and with all faults, and all warranties and conditions are disclaimed, either express, implied or statutory, including, but not limited to, any (if any) implied warranties or conditions of merchantability, non-infringement, title, satisfactory quality, fitness for a particular purpose, lack of viruses, accuracy or completeness of responses, results, and of lack of negligence or lack of workmanlike effort, all with regard to the platform and use or inability of use thereof. You hereby specifically agree and acknowledge that the above warranty is exhaustive and is in lieu of any other warranty, express or implied. In no event shall licensor be liable for any direct, indirect, incidental, punitive, or consequential damages of any kind whatsoever (including, but not limited to, damages for loss of profits or confidential or other information, for business interruption, for personal injury, for loss of privacy, for failure to meet any duty including of good faith or of reasonable care, for negligence, and for any other pecuniary or other loss whatsoever) with respect to the platform and the use or inability of use thereof, or otherwise under or in connection with any provision of these terms, even in the event of the fault, tort (including negligence), strict liability, breach of contract or breach of warranty of the licensor and even if the licensor has been advised of the possibility of such damages. In no event shall the licensor or its directors, officers, employees, contractors and agents be liable for lost profits, lost sales, lost business, lost opportunity, lost information or data, lost or wasted time or any indirect, special, incidental, punitive, or consequential damages (however caused, whether foreseeable or unforeseeable, whether based in contract, tort, or other product or strict liability, and regardless of whether licensor is made aware of the

25 possibility of such damages.) Arising out of, or with respect to, the platform and/or the use or inability of use thereof. 16. Agreement duration and amendatory procedure This Agreement becomes valid when the Client makes the first deposit to his or her trading account and the Company sends to the Client written confirmation that indicates money acceptance The Client may accept this Agreement digitally. It shall be valid for an indefinite time period until its cancellation from either the Company or the Client or both The Company reserves to itself the right to amend the Agreement in the following cases: a) Legislative or any other authority issues decisions or binding directives which are compulsory to follow for the Company. In any such case, the Company shall unilaterally amend the Agreement and notify the Client of such amendment either in writing or per electronic mail or through its webpage. b) When the amendment of the Agreement is required by Company's interests then the Company shall notify the Client of the relevant amendment through its webpage. If objections arise, Client may cancel Agreement within five days by sending notification. Firstorder reason to terminate this Agreement is the fact the Client does not have any open trades, as well as Client have to sent registered letter with notification of Agreement cancellation to the Company s address. In case when the Client have not cancelled this Agreement in five days then the Company will consider that he or she accepts all changes in this Agreement.

26 17. Cancellation of Agreement The Client has the right to cancel Agreement by giving the Company written notice at least in thirty days till the cancellation date. The Client should not have any open positions by the date of cancellation The Company may cancel Agreement by giving the Client written notice in a five days, specifying the date of termination therein The Company may cancel Agreement immediately without giving any notice in the following cases: a) Death of the Client; b) In case of a decision of bankruptcy of the Client and an application for the aforementioned If an application is made in respect of the Client pursuant to applicable bankruptcy laws or any equivalent act in another Jurisdiction (if the Client is an individual), if a partnership, in respect of one or more of the partners, or if a company, a receiver, trustee, administrative receiver or similar officer is appointed, or if the Client makes an arrangement or composition with the Client s creditors or any procedure which is similar or analogous to any of the above is commenced in respect of the Client; c) Cancellation is required by any competent regulatory authority or body; d) The Client violates any provision of the Agreement; e) The Client violates any law, including laws that are not related to financial markets legislation; f) The Client involves the Company directly or indirectly in any type of illegal activities; g) The Client personal details are not accurate or reliable and do not meet conditions of this Agreement.

27 h. the failure of the Client to provide any Initial Margin and/or Hedged Margin, or other amount due under the Agreement; i. the failure of the Client to perform any obligation due to the Company; j where any representation or warranty made by the Client is/or becomes untrue; - the Client is unable to pay the Client s debts when they fall due; - the Client (if the Client is an individual) dies or is declared absent or becomes of unsound mind; - any other circumstance where the Company reasonably believes that it is necessary or desirable to take any action set out in the following paragraph; - the Client involves the Company in any type of fraud or illegality. - an action set out in the following paragraph is required by a competent regulatory authority or body or court; - in cases of material violation by the Client of the requirements established by legislation of the Republic of Cyprus or other countries, such materiality determined in good faith by the Company; - if the Company suspects that the Client is engaged into money laundering activities or terrorist financing or other criminal activities. - Force Majeure A Force Majeure Event includes without limitation each of the following: a. Government actions, the outbreak of war or hostilities, the threat of war, acts of terrorism, national emergency, riot, civil disturbance, sabotage, requisition, or any other international calamity, economic or political crisis; b. Act of God, earthquake, tsunami, hurricane, typhoon, accident, storm, flood, fire, epidemic or other natural disaster;

28 c. Labour disputes and lock-out; d. Suspension of trading on a Market, or the fixing of minimum or maximum prices for trading on a Market, a regulatory ban on the activities of any party (unless the Company has caused that ban), decisions of state authorities, governing bodies of self-regulating organizations, decisions of governing bodies of organized trading platforms; e. A financial services moratorium having been declared by appropriate regulatory authorities or any other acts or regulations of any regulatory, governmental, or supranational body or authority; f. Breakdown, failure or malfunction of any electronic, network and communication lines (not due to the bad faith or wilful default of the company); g. Any event, act or circumstances not reasonably within the Company s control and the effect of that event(s) is such that the Company is not in a position to take any reasonable action to cure the default; h. The suspension, liquidation or closure of any market or the abandonment or failure of any event to which the Company relates its Quotes, or the imposition of limits or special or unusual terms on the trading in any such market or on any such event. If the Company determines in its reasonable opinion that a Force Majeure Event exists (without prejudice to any other rights under the Agreement) the Company may without prior notice and at any time take any or all of the following steps: a. close out any or all Open Positions at such prices as the Company considers in good faith to be appropriate;

29 b. suspend or modify the application of any or all terms of the Agreement to the extent that the Force Majeure Event makes it impossible or impractical for the Company to comply with them; c. take or omit to take all such other actions as the Company deems to be reasonably appropriate in the circumstances with regard to the position of the Company, the Client and other clients; Except as expressly provided in this Agreement, the Company will not be liable or have any responsibility for any type of loss or damage arising out of any failure, interruption, or delay in performing its obligations under this Agreement where such failure, interruption or delay is due to a Force Majeure event The cancellation of Agreement shall not in any case affect the Client s obligation to pay: a) Any charges and additional expenses incurred or to be incurred by the Company as a result of the cancellation of the Agreement; b) Any losses suffered by the Company as the result of paying the Client s pending fees. The Company reserves the right to reverse all previous transactions, which place the Company s interests at risk before cancelling the Agreement. 18. Failure of Client to comply with obligations The following cases are considered as failure to comply with obligations on the Client side: a) The failure of the Client to make any payment when due under this Agreement. b) The failure of the Client to perform during one Business Day any provision of this

30 Agreement after notice of non-performance has been provided to the Client by the Company. c) The Client s bankruptcy (in case of legal person) or the Client s insolvency (in case of natural person). d) The Client dies or becomes incapable. e) Any information given by the Client under this Agreement proves to have been false or misleading. f) Any other situation where the Company reasonably considers that the Client s actions may cause damage to Company On the occurrence of a failure to comply with obligation on the Client side the Company shall be entitled to take any of the following actions: a) To pay to the Client the fair market value of initial investments at the time the Company exercises such right. b) To close, replace or reverse any transaction to cover Company s loss in respect of any of the Client s contracts. d) To treat transactions that have been made by the Client as closed (in this case Company discharge itself from liabilities for those transactions). 19. Risk disclosure The Client unreservedly acknowledges and accepts that: a. trading in Forex and CFD is not suitable for all members of the public and the Client runs a great risk of incurring losses and damages as a result of trading in Forex and CFD and accepts and declares that he is willing to undertake this risk. The damages may include loss of all his money and also any additional commissions and other expenses.